Albany Molecular Research sells-off on downgrade

Albany Molecular Research (AMRI -10%) slides hard in morning trading.

Sterne Agee has cut the shares to Neutral from Buy.

Price target is now $12 (from $15).

Here's analyst Greg Bolan: "As we have written multiple times, we believe CRO valuations are expensive and therefore have a difficult time seeing AMRI generate a strong return through acquisition(s)."

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